First Time Buyers

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First time buyers

What differences does the mortgage process have for first-time buyers?

The mortgage process can be intimidating for a first-time buyer, but it is no different than for someone purchasing a second or third home. When it comes to buying a home, everyone has a different experience as some say it's the most stressful time of their lives, while others have no problems at all.

What is an Agreement in Principle?

When referring to a 'Agreement in Principle' it is the first step in the mortgage application process. It confirms the amount you can borrow based on your income and outgoings in comparison to the mortgage you need. It is still dependent on complete lender underwriting, but it is only the agreement before the full mortgage application is submitted.

How much can First Time Buyers borrow?

When it comes to referring to first time buying and how much they are able to borrow Individual circumstances vary, but 'Help to Buy', for example, will allow you to borrow up to 4.5 times your income, with some lenders allowing you to borrow up to 4.9 times your income. It is best to consult with a mortgage broker who will be able to assist you by incorporating your income, outgoings, purchase price, and loan to value ratio to evaluate how much you may borrow.

How do I know what my credit score is -
How do I improve it?

Knowing and improving your credit score is essential for obtaining a mortgage. A low score will limit the amount you can borrow, and late payments on bills or loans could raise concerns for lenders. Equifax and Experian offer free or trial services to check and improve your score.

Calculate your credit score

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